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For the second quarter 2017, net sales in the U.S. were $660.2 million,
an increase of 4 percent over the prior-year period. Net sales outside
the U.S. were $319.5 million, an increase of 7 percent from the
prior-year period on an as-reported basis. Excluding the impact of
foreign exchange, second quarter 2017 net sales outside the U.S.
increased 11 percent over the prior-year period.

For the second quarter 2017, net income was $139.7 million and diluted
earnings per share were $1.86, both decreased 12 percent as compared to
second quarter 2016 results. Adjusting for amortization of intangibles
and certain items that affect the comparability of results between
periods, as detailed in the tables below, second quarter 2017 net income
was $219.4 million and diluted earnings per share were $2.92, an
increase of 14 percent and 15 percent, respectively, as compared to
second quarter 2016 results.

Timothy M. Ring, chairman and chief executive officer, commented, “We
continue to see strong, balanced growth across our portfolio and
geographies. Half-way through 2017, each of our businesses has performed
at or above the top of our forecasted constant currency revenue growth
ranges for the full year. In the second quarter we reached a new
milestone, with revenue from emerging markets now representing 12
percent of total company revenues. We are pleased with the continued
momentum of our global business as we prepare to merge with Becton,
Dickinson and Company in the fourth quarter of 2017.”

In conjunction with the second quarter results, the company is
maintaining its 2017 financial revenue guidance and increasing its
adjusted diluted earnings per share guidance. For the full year 2017,
net sales are forecasted to increase between 5 percent and 6 percent on
an as-reported basis. Excluding the impact of foreign exchange, full
year 2017 net sales are forecasted to increase between 6 percent and 7
percent over 2016. Full year 2017 diluted earnings per share, after
adjusting for amortization of intangibles and certain items that affect
comparability between periods are projected to be between $11.70 and
$11.90, representing growth between 14 percent and 16 percent compared
to full year 2016 results.

This press release contains financial measures that are not calculated
in accordance with United States generally accepted accounting
principles (GAAP). These non-GAAP measures are reconciled to their most
directly comparable GAAP measures in the tables below and related notes.

Non-GAAP measures included in our guidance were not reconciled to the
appropriate GAAP financial measures because the GAAP measures are not
accessible on a forward-looking basis. Items that impact our non-GAAP
financial measures may include acquisition-related items, asset
impairments, litigation charges, restructuring and productivity
initiative costs, tax items and amortization of certain intangible
assets, such as in connection with future acquisitions. These items
cannot all be reasonably predicted and may directly impact our non-GAAP
net income and our non-GAAP diluted earnings per share, although changes
with respect to certain of these items may offset other changes. In
addition, certain of these items are dependent on various factors.
Accordingly, a reconciliation of the non-GAAP financial measure guidance
to the corresponding GAAP measures is not available without unreasonable
effort.

This press release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, which
are based on management’s current expectations, the accuracy of which is
necessarily subject to risks and uncertainties. These statements are not
historical in nature and use words such as “anticipate”, “estimate”,
“expect”, “project”, “intend”, “forecast”, “plan”, “believe”, and other
words of similar meaning in connection with any discussion of future
operating or financial performance. Many factors may cause actual
results to differ materially from anticipated results including product
developments, sales efforts, income tax matters, the outcomes of
contingencies such as legal proceedings, and other economic, business,
competitive and regulatory factors. The company undertakes no obligation
to update its forward-looking statements. Please refer to the Cautionary
Statement Regarding Forward-Looking Information in our March 31, 2017
Form 10-Q for more detailed information about these and other factors
that may cause actual results to differ materially from those expressed
or implied.

C. R. Bard, Inc.

Consolidated Statements of Income

(dollars and shares in thousands except per share amounts, unaudited)

Quarter Ended

Six Months Ended

June 30,

June 30,

2017

2016

2017

2016

Net sales

$

979,700

$

931,500

$

1,918,500

$

1,805,000

Costs and expenses

Cost of goods sold

361,300

351,000

715,500

671,400

Marketing, selling and administrative expense

287,300

278,500

572,700

549,100

Research and development expense

74,500

71,300

144,500

139,600

Interest expense

15,100

13,400

30,200

24,700

Other (income) expense, net

72,700

9,600

85,300

69,600

Total costs and expenses

810,900

723,800

1,548,200

1,454,400

Income from operations before income taxes

168,800

207,700

370,300

350,600

Income tax provision

29,100

48,500

52,500

75,200

Net income

$

139,700

$

159,200

$

317,800

$

275,400

Basic earnings per share available to common shareholders

$

1.90

$

2.14

$

4.32

$

3.70

Diluted earnings per share available to common shareholders

$

1.86

$

2.11

$

4.23

$

3.64

Wt. avg. common shares outstanding - basic

73,100

74,000

73,100

74,000

Wt. avg. common and common equivalent shares outstanding - diluted

74,800

75,200

74,700

75,200

Product Group Summary of Net Sales

(dollars in thousands, unaudited)

Quarter Ended June 30,

Six Months Ended June 30,

Constant

Constant

2017

2016

Change

Currency

2017

2016

Change

Currency

Vascular

$

277,600

$

255,300

9

%

10

%

$

534,200

$

494,800

8

%

9

%

Urology

241,300

240,000

1

%

2

%

479,000

456,700

5

%

6

%

Oncology

266,500

252,400

6

%

7

%

522,000

494,300

6

%

6

%

Surgical Specialties

169,700

159,900

6

%

7

%

334,800

311,300

8

%

8

%

Other

24,600

23,900

3

%

6

%

48,500

47,900

1

%

4

%

Net sales

$

979,700

$

931,500

5

%

$

1,918,500

$

1,805,000

6

%

Foreign exchange impact

(11,100

)

(18,100

)

Constant Currency

$

979,700

$

920,400

6

%

$

1,918,500

$

1,786,900

7

%

Non-GAAP Reconciliation of Earnings

(dollars in millions except per share amounts, unaudited)

Quarter Ended June 30, 2017

Diluted

Earnings

Marketing,

per Share

Cost of

Selling and

Research &

Other

Available

Goods

Administrative

Development

(Income)

Income

Net

to Common

Sold

Expense

Expense

Expense, Net

Taxes

Income

Shareholders

GAAP Basis

$

361.3

$

287.3

$

74.5

$

72.7

$

29.1

$

139.7

$

1.86

Amortization of intangible assets

(32.3

)

-

-

-

11.1

21.2

Items that affect comparability of

results between periods:

Acquisition-related items

(0.2

)

(1.4

)

(1.6

)

0.6

0.7

1.9

Litigation charges

-

-

-

(66.1

)

15.8

50.3

BD transaction costs

-

-

-

(6.6

)

0.5

6.1

Restructuring and productivity initiative costs

-

-

-

(2.5

)

0.8

1.7

Gore proceeds

-

-

-

2.4

(0.9

)

(1.5

)

Total

(32.5

)

(1.4

)

(1.6

)

(72.2

)

28.0

79.7

1.06

Adjusted Basis

$

328.8

$

285.9

$

72.9

$

0.5

$

57.1

$

219.4

$

2.92

Quarter Ended June 30, 2016

Diluted

Earnings

Marketing,

per Share

Cost of

Selling and

Research &

Other

Available

Goods

Administrative

Development

(Income)

Income

Net

to Common

Sold

Expense

Expense

Expense, Net

Taxes

Income

Shareholders(1)

GAAP Basis

$

351.0

$

278.5

$

71.3

$

9.6

$

48.5

$

159.2

$

2.11

Amortization of intangible assets

(32.8

)

-

-

-

11.1

21.7

Items that affect comparability of

results between periods:

Acquisition-related items

(1.7

)

(2.0

)

(0.4

)

0.2

1.6

2.3

Asset impairment

(1.2

)

-

-

-

-

1.2

Restructuring and productivity initiative costs

-

-

-

(11.9

)

4.1

7.8

Total

(35.7

)

(2.0

)

(0.4

)

(11.7

)

16.8

33.0

0.44

Adjusted Basis

$

315.3

$

276.5

$

70.9

$

(2.1

)

$

65.3

$

192.2

$

2.54

Six Months Ended June 30, 2017

Diluted

Earnings

Marketing,

per Share

Cost of

Selling and

Research &

Other

Available

Goods

Administrative

Development

(Income)

Income

Net

to Common

Sold

Expense

Expense

Expense, Net

Taxes

Income

Shareholders

GAAP Basis

$

715.5

$

572.7

$

144.5

$

85.3

$

52.5

$

317.8

$

4.23

Amortization of intangible assets

(64.5

)

-

-

-

22.1

42.4

Items that affect comparability of

results between periods:

Acquisition-related items

(0.2

)

(4.6

)

(1.6

)

0.4

1.5

4.5

Litigation charges

-

-

-

(78.3

)

15.9

62.4

BD transaction costs

-

-

-

(6.6

)

0.5

6.1

Restructuring and productivity initiative costs

-

-

-

(5.2

)

2.1

3.1

Gore proceeds

-

-

-

2.4

(0.9

)

(1.5

)

Total

(64.7

)

(4.6

)

(1.6

)

(87.3

)

41.2

117.0

1.56

Adjusted Basis

$

650.8

$

568.1

$

142.9

$

(2.0

)

$

93.7

$

434.8

$

5.79

Six Months Ended June 30, 2016

Diluted

Earnings

Marketing,

per Share

Cost of

Selling and

Research &

Other

Available

Goods

Administrative

Development

(Income)

Income

Net

to Common

Sold

Expense

Expense

Expense, Net

Taxes

Income

Shareholders

GAAP Basis

$

671.4

$

549.1

$

139.6

$

69.6

$

75.2

$

275.4

$

3.64

Amortization of intangible assets

(65.2

)

-

-

-

22.1

43.1

Items that affect comparability of

results between periods:

Acquisition-related items

2.6

(6.1

)

(1.9

)

(3.0

)

4.1

4.3

Asset impairment

(1.2

)

-

-

-

-

1.2

Litigation charges

-

-

-

(48.9

)

18.1

30.8

Restructuring and productivity initiative costs

-

-

-

(21.7

)

7.3

14.4

Total

(63.8

)

(6.1

)

(1.9

)

(73.6

)

51.6

93.8

1.24

Adjusted Basis

$

607.6

$

543.0

$

137.7

$

(4.0

)

$

126.8

$

369.2

$

4.88

(1) Total per share amounts do not add due to rounding.

Notes to Non-GAAP Reconciliation of Earnings

For the second quarter 2017, amortization of intangible assets was
$32.3 million pre-tax and the following items affected the
comparability of results between periods: (i) charges of $2.6 million
pre-tax from acquisition-related items including purchased research
and development, transaction costs, purchase accounting adjustments
and integration costs; (ii) charges of $66.1 million pre-tax related
to estimated costs for product liability matters and
litigation-related defense costs in connection with the District
Court’s pre-trial orders that the company prepare additional
individuals cases for trial (the “WHP Pre-Trial Orders”); (iii)
charges of $6.6 million pre-tax for transaction costs related to the
Agreement and Plan of Merger (the “Merger Agreement”) with Becton,
Dickinson and Company (“BD”); (iv) charges of $2.5 million pre-tax for
restructuring and productivity initiatives; and (v) a gain of $2.4
million pre-tax related to an agreement to settle the dispute and end
the litigation with W. L. Gore & Associates, Inc. (“Gore”). The net
effect of these items decreased net income by $79.7 million, or $1.06
diluted earnings per share available to common shareholders.

For the second quarter 2016, amortization of intangible assets was
$32.8 million pre-tax and the following items affected the
comparability of results between periods: (i) net charges of $3.9
million pre-tax from acquisition-related items including transaction
costs, purchase accounting adjustments and integration costs; (ii) a
charge of $1.2 million pre-tax related to an asset impairment; and
(iii) charges of $11.9 million pre-tax for restructuring and
productivity initiatives. The net effect of these items decreased net
income by $33.0 million, or $0.44 diluted earnings per share available
to common shareholders.

For the six months ended June 30, 2017, amortization of intangible
assets was $64.5 million pre-tax and the following items affected the
comparability of results between periods: (i) charges of $6.0 million
pre-tax from acquisition-related items including purchased research
and development, transaction costs, purchase accounting adjustments
and integration costs; (ii) charges of $78.3 million pre-tax related
to estimated costs for product liability matters, litigation-related
defense costs in connection with the WHP Pre-Trial Orders, and for
Civil Investigative Demands received from a number of State Attorneys
General (the “AG Matter”); (iii) charges of $6.6 million pre-tax for
transaction costs related to the Merger Agreement with BD; (iv)
charges of $5.2 million pre-tax for restructuring and productivity
initiatives; and (v) a gain of $2.4 million pre-tax related to an
agreement to settle the dispute and end the litigation with Gore. The
net effect of these items decreased net income by $117.0 million, or
$1.56 diluted earnings per share available to common shareholders.

For the six months ended June 30, 2016, amortization of intangible
assets was $65.2 million pre-tax and the following items affected the
comparability of results between periods: (i) net charges of $8.4
million pre-tax from acquisition-related items including transaction
costs, purchase accounting adjustments and integration costs; (ii) a
charge of $1.2 million pre-tax related to an asset impairment; (iii) a
charge of $48.9 million pre-tax related to estimated costs for product
liability matters; and (iv) charges of $21.7 million pre-tax for
restructuring and productivity initiatives. The net effect of these
items decreased net income by $93.8 million, or $1.24 diluted earnings
per share available to common shareholders.

This press release includes net sales excluding the impact of foreign
exchange. The company analyzes net sales on a constant currency basis to
better measure the comparability of results between periods. Because
changes in foreign currency exchange rates have a non-operating impact
on net sales, the company believes that evaluating growth in net sales
on a constant currency basis provides an additional and meaningful
assessment of net sales to both management and the company’s investors.

In addition, this press release includes the following non-GAAP
measures: (1) cost of goods sold excluding the impact of amortization of
intangible assets, acquisition-related items and an asset impairment;
(2) marketing, selling and administrative expense excluding the impact
of acquisition-related items; (3) research and development expense
excluding the impact of acquisition-related items; (4) other (income)
expense, net, excluding the impact of acquisition-related items,
litigation charges (which includes product liability matters,
litigation-related defense costs in connection with the WHP Pre-Trial
Orders, and for the AG Matter), BD transaction costs, restructuring and
productivity initiative costs and Gore proceeds; (5) the tax effect of
the items set forth in (1) through (4) above; (6) net income excluding
the items set forth in (1) through (5) above; and (7) diluted earnings
per share available to common shareholders excluding the items set forth
in (1) through (5) above.

The company excluded the items described above because they may cause
certain statements of operations categories not to be indicative of
ongoing operating results, and therefore affect the comparability of
results between periods. The company therefore believes that these
non-GAAP measures provide an additional and meaningful assessment of the
company’s ongoing operating performance. Because the company has
historically reported non-GAAP results to the investment community,
management also believes that the inclusion of these non-GAAP measures
provides consistency in its financial reporting and facilitates
investors’ understanding of the company’s historic operating trends by
providing an additional basis for comparisons to prior periods.
Management uses these non-GAAP measures: (1) to establish financial and
operational goals; (2) to monitor the company’s actual performance in
relation to its business plan and operating budgets; (3) to evaluate the
company’s core operating performance and understand key trends within
the business; and (4) as part of several components it considers in
determining incentive compensation.

Management recognizes that the use of these non-GAAP measures has
limitations, including the fact that they may not be comparable with
similar non-GAAP measures used by other companies and that management
must exercise judgment in determining which types of charges or other
items should be excluded from the non-GAAP information. Management
compensates for these limitations by providing full disclosure of each
non-GAAP measure and a reconciliation to the most directly comparable
GAAP measure. All non-GAAP measures are intended to supplement the
applicable GAAP disclosures and should not be considered in isolation
from, or as a replacement for, financial information prepared in
accordance with GAAP. For a reconciliation of these non-GAAP measures to
the most comparable GAAP measures, please see the above tables.

Notes to Non-GAAP Reconciliation of Earnings per Share(dollars
and shares in thousands, except per share amounts, unaudited)

Quarter Ended

Six Months Ended

June 30,

June 30,

2017

2016

2017

2016

Earnings per Share Numerator: GAAP Basis - basic and diluted

Net income

$

139,700

$

159,200

$

317,800

$

275,400

Less: Income allocated to participating securities (1)

700

800

1,700

1,400

Net income available to common shareholders

$

139,000

$

158,400

$

316,100

$

274,000

Earnings per Share Numerator: Adjusted Earnings

Net income

$

219,400

$

192,200

$

434,800

$

369,200

Less: Income allocated to participating securities (1)

1,200

1,000

2,300

1,900

Net income available to common shareholders

$

218,200

$

191,200

$

432,500

$

367,300

Earnings per Share Denominator:

Wt. avg. common shares outstanding - basic

73,100

74,000

73,100

74,000

Wt. avg. common and common equivalent shares outstanding - diluted

74,800

75,200

74,700

75,200

Earnings per Share: GAAP Basis

Basic earnings per share available to common shareholders

$

1.90

$

2.14

$

4.32

$

3.70

Diluted earnings per share available to common shareholders

$

1.86

$

2.11

$

4.23

$

3.64

Earnings per Share: Adjusted Earnings

Diluted earnings per share available to common shareholders

$

2.92

$

2.54

$

5.79

$

4.88

(1) Basic and diluted earnings per share available to common
shareholders is calculated using a numerator, which represents the total
of income less income allocated to participating securities.